312 new villas and townhouses are planned in the third phase of the project called Magnolias.
Abu Dhabi’s biggest developer Aldar Properties is launching the third of phase of еру Yas Acres development as it continues to expand its portfolio amid strong demand for prime residential property and UAE’s real estate market recovery.
312 new villas and townhouses are planned in the third phase of Yas Acres, called Magnolias. Units in the development will be available for purchase by all nationalities from September 4, the company said in its statement a few days ago.
The units in Magnolias are being offered for sale after Aldar finished the construction of the previous phases of Yas Acres: Redwoods, Aspens and Cedars.
According to the developer, homes in the new project will be competitively priced and customers can choose from two, three, and four-bedroom townhouses, as well as duplexes and villas with six bedrooms
'Following the success of our recent launches on Yas Island, we expect to see high demand for these homes, particularly from younger buyers looking for either an investment foothold or to lay down family roots in one of Abu Dhabi’s most desirable locations,' Rashed Al Omaira, chief commercial officer at Aldar Development, pointed out.
In addition to that, the upcoming handover of Yas Creative Hub developed by twofour54 in Yas South the island's working population will grow by over 10,000 people.
In May, Aldar's Noya Luma, the third phase of its Noya project on Yas Island, was sold out in four hours after its launch and generated USD 95.2 million in sales. The cumulative value of sales in three phases of the development – Noya, Noya Viva and Noya Luma – brought the company more than USD 680 million.
Earlier this month Aldar reported that it had sold 71 new plots of land at its Al Gurm development in Abu Dhabi (available for purchase only to UAE citizens). Moreover, in May, the company sold 83 villas at its Saadiyat Island development, Saadiyat Reserve/The Dunes to buyers from 14 different countries.
Villa prices in Dubai and Abu Dhabi increased by 3.9 percent and 2.2 percent, respectively, on a quarterly basis at the end of the first quarter, property consultancy Chestertons said in its recent report.
Aldar plans to announce five new projects in 2021 on Reem, Saadiyat and Yas Islands and aims to equal or surpass its 2020 sales of USD 980 million.
In August, Aldar said its profit for the second quarter of the year rose by 7.6 percent to USD 141 million as revenue for the period increased by 9 percent y-o-y to about USD 600 million. The company recorded USD 639 in quarterly sales, its highest, it said at the time.